Jet Airways takes ownership of 6 Boeing aircraft

Our Bureau Mumbai | Updated on July 30, 2020

Jet Airways has acquired ownership of six Boeing aircraft and its engines against a bullet payment of $13,000,000. Its lessor, Fleet Ireland, had held back these six aircraft against dues. Jet has acquired the aircraft from the funds raised by selling its office building at BKC, Mumbai. The building was purchased by Brookfield Asset Management for Rs 490 crore.

Jet was grounded on April 18, 2019, over unpaid dues and was soon dragged to the NCLT by its lead lender. Earlier this week, Jet also announced its Q4 FY19’s results. In its 80-page-long results copy, it stated that Jet’s losses had increased significantly, from a loss of Rs 766.13 crore reported in FY18, to a loss of Rs 5,535.75 crore for FY19.

Meanwhile, its creditors are vetting the resolution plans submitted by two bidders -- a consortia of UK-based financial advisory company Kalrock Capital and a UAE-based entrepreneur Murari Lal Jalan and a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi-based Imperial Capital Investments LLC, respectively.

The Mumbai bench of NCLT has set August 31 as the deadline to complete the CIRP process of Jet

Published on July 30, 2020

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